Prosecutors on Thursday raided the headquarters of auto parts company DAS to shed light on allegations the company raised 12 billion won in slush funds.
Seoul Eastern District Prosecutor's Office said Thursday that investigators raided the company's headquarters and some ten other offices located in Gyeongju, North Gyeongsang Province from 10 a.m.
The raid came 16 days after a team of prosecutors launched their probe into the company, which is suspected of belonging to former President Lee Myung-bak.
DAS came under suspicion of managing slush funds in borrowed-name accounts after it was revealed in 2008 that 12 billion won in accounts under 17 names was transferred to the auto parts company.
Prosecutors are aiming to secure evidence to determine whether the 12 billion won had been embezzled on an individual scale or had been systematically embezzled by the company.
Attention is being drawn to whether the materials secured through the raid will uncover clues as to whether former President Lee is the true owner of the company.